As a Generalized Statement Regarding Lease Accounting, Which Statement Best

question 73

Multiple Choice

As a generalized statement regarding lease accounting, which statement best describes U.S.versus international accounting principles?

• A)IFRS for leases are more principles-based than GAAP.
• B)IFRS for leases are more rules-based than GAAP.
• C)IFRS and GAAP are similarly rules-based.
• D)IFRS and GAAP are similarly principles-based.

---

Definitions:

Best Fit

A method or algorithm that finds the most efficient or optimal way to accomplish a task, such as arranging data or allocating resources.

Bottom Boundary

The lowest limit or edge of a print area, page layout, or data set.

Wraps Text

The process of automatically moving text to the next line when it reaches a boundary or margin in a document.

Cell

The basic unit of storage in a spreadsheet, identified by a unique combination of row and column.